Prime Minister (PM) Imran Khan has said no government unluckily has helped low income people in the country and his government top priority is helping low income people.
Subsidy will be provided to low income people at the rate of 5 percent interest for initial five years to construct their homes, PM said this while speaking at a ceremony during his visit to Naya Pakistan Housing Authority’s project Farash Town Apartments in Islamabad on Friday.
He held unfortunately no government has helped low income people nor any focus was placed on acquisition of loans from the banks in connection with construction of homes. The rich people can build homes easily but for the poor and middle class people it was difficult to construct home.
He spent two years and persuaded banks to provide loan. Now the poor and middle class will be able to construct their homes. The banks have started providing loans for construction of homes for the first time, he underlined.
The PM indicated thirty-five billion rupees have been allocated for subsidy on construction of houses by the low income people.
He announced the government will provide three hundred thousand rupees subsidy on every house for the first one hundred thousand units.
The Prime Minister pointed out while one hundred thousand apartments are under construction, the process will now speedily move forward as the structure of the system has been finalized.
He said the construction industry has been incentivized in different ways including tax relief. He said One Window Operation has also been started to facilitate the construction sector.
Regarding Farash Town Apartments, the Prime Minister said of the total 4400 apartments, 2000 each have been allocated for low income people and middle income people and four hundred apartments will be provided to slum dwellers.
It is our endeavor that the installment of loan should be equal to rent of the home, he stated.
He indicated 10 percent homes are built in India by obtaining loans from banks, 30 percent Malaysia and 80 percent in western countries. In Pakistan loans were provided to 0.2 percent homes in 2018, he added.
